Christopher & Banks Corporation Reports November Same-Store Sales
MINNEAPOLIS, Dec. 4, 2003 -- Christopher & Banks Corporation (NYSE: CBK) today reported total sales for the four-week period ended November 29, 2003 increased 14% to $38.0 million from $33.4 million last year, while November same-store sales declined 2%.
For the third quarter ended November 29, 2003, total sales increased 17% to $107.3 million, while same-store sales declined 1%. For the nine-month period, total sales rose 19% to $290.4 million from $243.4 million in the prior year period, while same store sales were flat. As of November 29, 2003, the Company operated 535 stores compared to 439 stores as of November 30, 2002.
Bill Prange, Chairman and Chief Executive Officer, commented, "November same-store sales were in the range of our previously announced expectations. We anticipate diluted earnings per share for the third quarter ended November 29, 2003 will be within the range of our previous guidance at $0.28 to $0.29 per share compared to $0.28 per share in last year's third quarter."
"We are encouraged that we were able to generate a low single digit increase in same-store sales on the Friday and Saturday following Thanksgiving and that similar performance has continued into early December. As such, we continue to plan our business with the expectation of achieving a low single digit increase in same-store sales for fourth quarter."
Mr. Prange concluded, "While several recent economic reports have shown signs of improvement in the general economy, we continue to see a cautious consumer. We believe in the strength and appeal of our brands and are guardedly optimistic regarding our business during the remainder of the Holiday selling season."
The Company plans to report third quarter earnings on December 23, 2003 after the market closes.
Christopher & Banks Corporation is a Minneapolis-based specialty retailer of women's clothing providing exclusive fashions under the Christopher & Banks and C.J. Banks labels. Currently, the Company operates 535 stores in 42 states. For more information on Christopher & Banks Corporation, visit the Company's website at www.christopherandbanks.com.
This release contains forward-looking statements regarding future performance of the Company. The achievement of such results is subject to certain risks and uncertainties, including changes in economic, market and weather conditions, the effect of consumer tastes and spending habits, the realization of expected economies gained through the use of private label and direct import merchandise, management of growth and other factors outside the Company's control, including factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof.
The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that may arise after the date hereof.
Contact: Financial Dynamics Investor - Cara O'Brien or Melissa Myron or Media - Stephanie Sampiere +1-212-850-5600